Parker Hannifin lifts profit view after aviation parts demand booms
Motion and control technologies manufacturer Parker Hannifin (PH.N) raised its full-year profit forecast on Thursday, after sales of its aerospace systems almost doubled in the first quarter. Key Points
ReutersIndian auto sector registers ‘highest-ever’ passenger vehicles sale in May 2023, SIAM data shows
As per SIAM data, passenger vehicles sales the country were 3,34,247 units in the last month, returning to a growth of 13.5%, compared to May 2022. Key Points
mint'Indian stock market outperforms the global market, makes for attractive investment'
MSCI 1-month’s return is 8.0% compared to MSCI World’s 5.2%, 1Yr is 12% vs 13.8%, respectively. Key Points
mintLucid shares drop on flat second-quarter deliveries, production drop
Lucid Group's (LCID.O) electric-vehicle production dropped and its deliveries in the second quarter remained flat compared to the previous three months amid competition from Tesla (TSLA.O), sending its shares down 7% in premarket trading on Wednesday. Key Points
ReutersNew enrollment in EPF and ESIC hit over three-month high; NPS declines
The average new additions in the third quarter of the fiscal were still lower than in the first half of the year, given the easing of economic activity. Experts estimate that growth likely eased below 7% in Q3FY24, compared with 7.7% average for the first half of the year. Key Points
Economic Times
US employers tighten hands adding 1,50,000 jobs in October, unemployment rate rises
The employers in the US tightened their hand as the US Fed decided to keep the benchmark rates unchanged 5.25%-5.50% range, with no signs of reductions.The US unemployment rate increased from 3.8% to 3.9% in October Key Points
mintCDW misses third-quarter revenue estimates as customers lower tech spending
CDW (CDW.O) reported third-quarter revenue below estimates on Wednesday on lower demand for the company's information technology solutions as customers struggling with high borrowing costs cut back spending and defer projects. Key Points
ReutersIndia's April WPI Turns Negative For The First Time Since July 2020
Inflation, as measured by the Wholesale Price Index, declined by 0.92% in April 2023, compared to 1.34% in March. Key Points
BQ PrimeIndia's Wholesale Inflation Eases To 29-Month Low In March
Inflation, as measured by the Wholesale Price Index, stood at 1.34% in March 2023, compared to 3.85% in February. Key Points
BQ PrimeIndia's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
Crude oil imports increased by 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of the previous year. Key Points
mint
Domestic air travel now at 85% of pre-COVID level: IATA
International air traffic in 2022 climbed 152.7% versus 2021 to attain 62.2% of 2019 levels Key Points
The HinduFormal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data
As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFOs outreach programs, the labour ministry said Key Points
Economic TimesNTPC Q1 results: PAT rises 9.4% YoY to Rs 4,066 crore, sales drop 2.3%
Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), grew by nearly 17% on year to Rs 11,369.40 crore. Operating margin expanded a sharp 471 basis points to 29.06%. Key Points
Economic TimesFormal job creation picks up in March
Data released by the Ministry of Statistics and Programme Implementation shows that there was a double-digit increase in formal job creation across all categories in March 2022 compared to the previous month. While net additions to the Employees' Provident Fund Organisation increased 10.1%, new subscriptions to the Employees' State Insurance Corporation and National Pension Scheme increased 5.4% and 77.5%, respectively, over the same period. The EPF scheme and ESIC witnessed their highest net addition to the payroll over the last five years, with nearly 13.9 million new subscribers to the EPF scheme. Key Points
Economic TimesUS faces criticism for 'embarrassingly' small contribution to COP28 climate fund
The COP28 climate summit fallout as the US faces scrutiny for a meager $17.5m contribution to the damage fund, compared to major donors. | World News Key Points
Hindustan Times
India's current account deficit almost halves to $9.2 billion in June quarter
India's current account deficit narrowed to $9.2 billion in the June quarter, compared to $17.9 billion in the same period last year, due to lower global crude and commodity prices. The deficit was 0.1% of GDP, down from 2.1% in the previous year, but higher than the $1.3 billion in the preceding quarter. The capital account comfortably financed the deficit, resulting in a balance of payments surplus. However, the deficit is expected to widen in the September quarter due to higher trade deficits and rising crude oil prices. Key Points
Economic TimesFacebook pays its female employees less than men, company’s pay gap report reveals
Meta pays its female employees lesser salaries and bonuses when compared to its male employees. Be it hourly workers or full-time workers, female workers get lesser pay than men if they are working for Meta in the UK or Ireland. Key Points
India TodayFacebook pays its female employees lesser than men, company’s pay gap report reveals
Meta pays its female employees lesser salaries and bonuses when compared to its male employees. Be it hourly workers or full-time workers, female workers get lesser pay than men if they are working for Meta in the UK or Ireland. Key Points
India TodayIndia's Eight Core Industries Grow 7.8% In January
The index of eight core industries rose 7.8% year-on-year in January, compared with a rise of 7% in December. Key Points
BQ PrimePrivate sector activity rises to eight month high of 61.3 in March
Indias private sector output rose to its highest level in eight months to 61.3 in March compared with 60.6 in the previous month, according to results of a private survey released Thursday. Key Points
Economic Times
India's no longer 'fragile', can weather global market volatility
In the face of global financial market turbulence, India's rupee appears more resilient due to a narrowed current account deficit (CAD) and bolstered forex reserves. Increased exports post-pandemic buffered the CAD, keeping it manageable at 2% in FY23 despite soaring commodity prices. Forex reserves, standing at over $600 billion, fortify the RBI's ability to stabilize the rupee, marking a significant contrast to a decade ago when India was tagged among the 'Fragile Five' economies. Forecasts project a reduced CAD and stable rupee for the upcoming fiscal years. Key Points
Economic TimesEPFO adds 16.9L members in August
Of the 1.69 million workers added to EPFO in August, 58.3% of the net new workers or 0.92 million were in the 18-25 years age bracket. "This indicates that most of the first-time job seekers are youth joining the organised sector workforce in large numbers.," the ministry of labour and employment said. Further, around 1.18 million members exited but rejoined EPFO, an increase of 10.2% when compared to last year. Key Points
The Economic TimesLIC Q1 results: Net profit surges fourteen-fold to Rs 9,544 cr
LIC's solvency ratio improved marginally to 1.89 compared with 1.88 last year and its net premium income was mostly flat at Rs 98,363 crore Key Points
Business TodayKotak Mahindra Bank Q1 results: Net profit surges 67% to Rs 3,452 cr, but asset quality weakens
Its asset quality depleted from Q4 in FY23. Its gross NPA was at Rs 6,587.43 crore in Q1 FY24 as compared to Rs 6,418.67 in Q4 FY23. Key Points
Business TodayInfosys misses revenue estimate, profit and revenue both decline quarter-on-quarter
Infosys revenue grew 16% to ₹37,441 crore in Q4 from a year earlier but slid 2.3% compared with the December 2022 quarter. Key Points
The Hindu
Despite cost edge, buyers prefer hybrids over EVs
The intent to buy hybrids over pure battery electric vehicles comes to the fore even as EVs benefit from state as well as central government funded incentives which in turn has allowed manufacturers to price them better as compared to hybrids. This is despite the hybrids costing more than EVs. Key Points
Economic TimesDMart Q3 Results: Avenue Supermarts net profit rises 17% to ₹691 crore, revenue up 17% YoY
DMart Q3 Results: Avenue Supermarts reported a 17 per cent rise in consolidated revenue from operations at ₹13,572.47 crore, compared to ₹11,569.05 crore in the corresponding period last year. Key Points
mintRupee gains strength, dollar weakens as Fed takes a pause; traders eye Fed Chair’s testimony
As the US inflation grew at a slower-than-expected pace, the dollar weakened. After going through a multi-week long consolidation phase, the rupee gained strength. Key Points
FinancialexpressSun Pharma Q4 net profit at ₹1,984 crore
Sun Pharmaceutical Industries Ltd. reported that its fourth quarter consolidated net profit grew to ₹1,984.5 crore compared with net loss of ₹2,277.3 crore in the same period last year, due to improved performance. Key Points
The HinduHigh prices dent spending on daily essential products, says new Kantar study
Kantar said while there was a slight volume growth of fast moving consumer goods (FMCG) sales at 0.54% in January as compared to the previous year, it was purely driven by population growth of nearly 2.7%. In fact, FMCG consumption dropped by 2.9 kg in the year. FMCG volume is a product of population and consumption. Key Points
Economic Times
V-Gaurd share price down 2%: Should you Buy, Sell or Hold the stock?
Stock Market Today: V-Guard Industries share price declined 2% on Tuesday. Though V-Guard's Q3 performance saw impact of weak consumer demand, nevertheless the demand improved by end of the quarter. Operating margins improved and net profit grew 48.3% y-o-y. Should you Buy, Sell or Hold the stock? Key Points
mintCredo Brands Marketing IPO: 10 must-know points from RHP
Credo Brands Marketing Limited was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand, Mufti. The IPO garnered a decent response from investors on the first day, achieving an overall subscription rate of 2.08 times. Key Points
mintTerror incidents in J&K declining since 2018, lowest in 2023: Parliament told
This year, 41 'terrorist initiated' incidents were reported in Jammu and Kashmir as compared to 125 last year, 129 in 2021, 126 in 2020, 153 in 2019 and 228 in 2018. Similarly, 44 encounters were registered this year in J-K preceded by 117 (2022), 100 (2021), 118 (2020), 102 (2019) & 189 (2018). Key Points
FirstpostZimmer Biomet beats quarterly profit estimates on knee procedure strength
Zimmer Biomet Holdings Inc (ZBH.N) on Tuesday beat Wall Street estimates for third-quarter profit, as a rebound in knee surgeries lifted demand for the medical device maker's products. Key Points
ReutersPrudential Financial's third-quarter profit boosted by US unit growth
Prudential Financial (PRU.N) reported a rise in third-quarter adjusted profit on Wednesday, as the insurer's U.S. unit logged strong growth driven by higher net investment spread and lower expenses. Key Points
ReutersIndia's eight core sectors' output grows by 8.1 pc in September 2023
New Delhi [India], October 31 (ANI): The combined Index of Eight Core Industries (ICI) increased by 8.1 per cent (provisional) in September 2023 as compared to the Index of September 2022, said an official statement from the Ministry of Commerce and Industry on Tuesday. The production of Coal, Steel, Electricity, Natural Gas, Refinery Products, Cement, […] Key Points
ThePrintPost-merger HDFC Bank earnings beat estimates
Advances grow 58% to ₹23.54 trillion, deposits grow 30% to ₹21.72 trillion Key Points
mintBata India Q1 Results: Net profit drops 10% to ₹106 crore, revenue up 1.6% YoY
Bata India Q1 Results: The company's revenue from operations stood at ₹958.1 crore, reporting a marginal rise of 1.6 per cent, compared to ₹943 crore in the year-ago period. Key Points
mintCognizant projects revenue above estimates, CFO to retire in 2024
Cognizant Technology Solutions (CTSH.O) forecast third-quarter revenue above estimates on Wednesday as more businesses turn to the IT services provider to digitize their operations, sending its shares up more than 6% after the bell. Key Points
ReutersVerisign posts higher revenue on demand for domain-name registry
Internet services firm Verisign (VRSN.O) reported higher second-quarter revenue on Thursday on steady demand for its domain-name registry services and increasing reliance on internet infrastructure. Key Points
Reuters
Allegion raises profit forecast on price hikes, strong demand for security systems
Allegion (ALLE.N) raised its annual profit forecast on Wednesday after price increases and solid demand for its electric security devices helped it beat quarterly earnings estimates. Key Points
ReutersLow-paying jobs fare better amid muted employment creation in May
The National Pension Scheme also saw a decline in new subscribers, with monthly additions falling 14.6% to 57,695 in May compared with 67,534 in April. However, net additions to the EPF were higher in June as the people exiting EPF were down by almost half, as per provisional data. Key Points
Economic TimesTruist misses profit estimates amid bigger credit-loss provisions
Truist Financial (TFC.N) missed estimates for second-quarter profit on Thursday, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy. Key Points
ReutersApple shares hit all-time high ahead of developer conference
Shares of the world's most valuable listed company were last up 1.5% at $183.70. They have jumped nearly 40% in 2023, compared with an 11.5% rise in the benchmark S&P 500. Key Points
Economic TimesIT stock declares whopping dividend of ₹225 per share: Do you own?
Oracle Financial Services Software is a large cap IT company recorded a market cap of ₹30,796.95 Cr during today's closing session. Key Points
mint
HDFC Bank records loan growth of 17 per cent at end of March
Commercial and rural banking loans grew around 30% over March 31, 2022 and about 9.5% compared to December 31, 2022. Key Points
FinancialexpressKey takeaways from Delhi Economic Survey
Delhi Economic Survey highlights: The survey report said that tax collection of the Delhi government registered a tremendous growth of 36 per cent during 2021-22 (provisional) as compared to the negative growth of 19.53 per cent in 2020-21 (due to COVID-19 pandemic). Key Points
Hindustan TimesLIC Q2 Results: PAT slumps 50% YoY to Rs 7,925 crore, net premium income drops 19%
Net commission for the quarter stood at Rs 6,077 crore, compared with Rs 5,808 crore a year ago. The solvency ratio as of September-end stood at 1.90 times, compared with 1.88 times a year ago. The gross non-performing assets ratio as of September 30 was 2.43%, compared with 5.60% a year ago, and 2.48% a quarter ago. Key Points
Economic TimesMar factory output growth slips to 5-month low of 1.1%
Power generation fell by 1.6% in March from a 6.1% growth in the year earlier, largely due to radical changes in temperatures in March compared to historical averages. Key Points
mintBoeing whistleblower tips to FAA soar 11x since door panel blowout
FAA received significantly more whistleblower reports regarding Boeing Co. in 2024 compared to 2023, following a fuselage panel incident on a 737 Max jetliner during an Alaska Airlines flight. Key Points
Economic Times
Global air travel at 99% of pre-covid level, says IATA
Asia-Pacific airlines saw a 63.8% rise in November traffic compared to November 2022, the highest year-over-year rate among regions, according to the International Air Transport Association. Key Points
mintGlobal turmoil may restrict domestic impact, say economists
Global spillovers in 2024 can create volatility but the runaway depreciation of the Rupee may not happen as narrowing deficit have made the currency resilient. The Reserve Bank is also equipped with a strong armoury of foreign exchange reserves of over $ 600 billion to defend the rupee compared to $292 billion in 2012-13 adding to the market perception that RBi is being extra vigilant. Key Points
Economic TimesFormal job creation shrinks in October
However, more new establishments came under the ESIC month-on-month in October, according to the data released by the labour and employment ministry. As per the data, 23,468 new establishments were recognised under the ESIC in October, compared to 22,544 new establishments in the month before. Employees aged up to 25 years made up 47.76% of the total workforce employed under the ESIC scheme in October, a shade lower than 47.98% in September. Key Points
Economic TimesLoews posts Q3 profit on higher investment income, insurance premium
Loews Corp (L.N) on Monday reported a profit in the third quarter compared to a loss a year earlier, boosted by higher investments and insurance unit CNA Financial's (CNA.N) strong performance. Key Points
ReutersWPI inflation falls 0.26% in September, in negative territory for sixth month in a row
In September, fuel and power prices fell 3.35% from a year earlier, compared with a 6.03% drop in August. Key Points
Business Today
Non-technology firms say aye aye to AI talent in bid to get ahead of the competition
Non-tech companies like Tata Steel and Mondelez are hiring AI talent to stay ahead of the competition. According to recruitment services firms, demand for AI talent from non-tech sectors has increased by 50% compared to last year. This includes both external AI specialists and upskilling their existing employees on AI. The AI roles in demand include machine learning engineers, AI infrastructure managers, and AI project managers. Key Points
Economic TimesAt 1,192, number of pleas filed in SAT up 53% this fiscal
The Securities Appellate Tribunal (SAT) in India has reported a record number of appeals filed by market participants, reaching 1,192 - up 53% YoY. This rise in appeals is a direct result of the Securities and Exchange Board of India (SEBI) increasing its regulatory action, conducting 144 investigations and increasing staff numbers by 9%. Key Points
Economic TimesAccenture fourth-quarter revenue forecast below expectations; full year growth seen at 8-9%
Accenture's Q3 2023 revenue reached $16.6bn, up 3% in USD and 5% in local currency YoY. Fourth-quarter revenue is expected to be $15.75bn to $16.35bn. Key Points
mintIndia’s CESC posts rise in Q4 profit as demand for electricity grows
Consolidated net profit for the quarter ended March 31 increased to 4.33 billion rupees ($52.95 million), compared with 4.24 billion rupees a year earlier, the RP - Sanjiv Goenka Group flagship company said in an exchange filing. Key Points
FinancialexpressIGL’s Q4 net profit falls 9%, but revenue shows strong growth of 53%
IGL reported a strong growth of 53% in revenue, with a turnover of ₹4042.33 crore in the quarter, as compared to ₹2638.20 crore in the corresponding period last year. Key Points
mint
Mankind Pharma IPO Day 2: Issue subscribed 87%; QIBs, NIIs overbid for their portion
Mankind Pharma shares’ GMP fell to Rs 30 on Wednesday, compared to Rs 92 per equity share on Monday. The GMP indicated the shares are valued 2.78% over the upper end of the share price on offer. Key Points
FinancialexpressBajaj Auto’s profit beats Street view
Despite a 12.2% decline in overall volumes during the quarter, the automaker saw a 215 basis points improvement in its Ebitda to 19.3% at ₹1,716.6 crore on the back of higher sales of its premium products Key Points
mint